【Fixed deposit 2024】The latest bank fixed deposit rate comparison

A term deposit is a financial product that is usually offered by banks and is supported by different currencies such as HKD, USD, etc. It is a way of saving money by depositing your funds into a regular account opened by the bank and agreeing to keep the funds inactive for a certain period of time (known as a deposit term). Usually deposit periods are 7 days, 1 month, 3 months, 6 months, 1 year, depending on your needs. And during this time, the amount of the deposit will receive the agreed interest. When the deposit period ends, you can withdraw the principal and accrued interest.

How do I calculate interest on a regular deposit?

The interest calculation method for a fixed deposit is as follows: Interest = Deposit Amount × Annual Interest Rate × Number of Deposit/365 (or 366)

Example: Suppose you make a regular deposit of HKD with a bank and deposit HKD10,000, the deposit period is 365 days (one year) and the bank offers an annual interest rate of 5%.

According to the above formula, interest is calculated as follows: Interest = 10,000 × 0.05 × 365/365 = HKD 500

That is, your fixed deposit after one year will receive an interest of HKD 500. However, different banks or financial institutions have different ways and rules for calculating interest.

So before making a regular deposit, remember to verify with your bank or financial institution the specific method and rules for calculating interest rates.

Bank Fixed Deposit Rate Comparison

HKD Fixed Deposit Interest Rates and Requirements for Four Major Banks

HSBC HKD Fixed Deposit Rate | 3-Month Yearly Rate 3.6%

3 months: 3.6% (fixed deposit interest HKD 96^)

6 months: 3.5% (Fixed deposit interest HKD 173^)

• Minimum deposit is HKD 10,000

• You can choose a specific deposit period ranging from 1 week to 12 months

>> Data Source:HSBC HKD Fixed Deposit Rate

Hang Seng Bank HKD Fixed Deposit Rate | 3-Month Annualized Rate 3.6%

3 months: 3.6% (fixed deposit interest HKD 96^)

6 months: 3.5% (Fixed deposit interest HKD 173^)

• Minimum deposit is HKD 10,000

• You can choose a specific deposit period ranging from 1 week to 60 months

>> Data Source:Hang Seng Bank HKD Fixed Deposit Rate

Bank of China HKD Fixed Deposit Rate | 3-Month Annualized Rate 3.5%

3 months: 3.5% (Fixed deposit interest HKD 93^)

6 months: 3.4% (fixed deposit interest HKD 168^)

• Minimum deposit is HKD 10,000

• You can choose a specific deposit period ranging from 7 days to 60 months

>> Data Source:Bank of China HKD Fixed Deposit Rate

Standard Chartered Bank HKD Fixed Deposit Rate | 3-Month Annualized Rate 3.5%

3 months: 3.4% (fixed deposit interest HKD 90^)

6 months: 3.5% (Fixed deposit interest HKD173^)

12 months: 3.1% (Fixed deposit interest HKD310)

• Minimum deposit is HKD 10,000

• You can choose a specific deposit period ranging from 1 month to 12 months

> Data Source:Standard Chartered Bank HKD Fixed Deposit Rate

* Data as of 2 May 2024. The information is for reference only and is based on the latest publication by the organization.

^ Fixed deposit interest is calculated by rounding

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